2012-09-25
2012-10-03
x europe

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CNBC 13
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WBAL (NBC) 3
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KQED (PBS) 2
CNN 1
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English 39

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. ben bernanke defends his strategy at the federal reserve to do more to help the economy. >> susie: and how technology is making it possible for doctors to go paperless. >> tom: that and more tonight on "n.b.r."! >> susie: the first day of the new quarter, kicks off with a blue chip rally. investors were encouraged by a report showing that american factories were busy in september. a popular index of national factory activity rose to 51.5 last month, from 49.6 in august. it was the fastest pace of production since may. but that upbeat news was overshadowed by comments from federal reserve chief ben bernanke, saying the economy is not growing fast enough to bring down the unemployment rate. we'll have more on that in a moment. those two events led to volatile trading here on wall street. the dow rose about 78 points, but was up as much as 155 points earlier. the nasdaq drifted in and out of positive and negative territory, finally losing more than 2.5 points, and the s&p rose almost four points. and, as suzanne pratt reports there are conflicting views on the state of american manuf

it begs a question, how much trouble are we in? shortly ben bernanke would not have taken this extraordinary and unprecedented step of monetary easing -- >> before the election. lou: before the election if he did not think that he was anticipating a reality that has not presented itself yet. >> and that was a problem with the comment today from the fed had his beaucoup said, i don't think it's going to work. his boss, ben bernanke, saying, things are really ugly. i have the numbers. i think that probably we should do something now because it is serious. lou: always put that away. whether it is serious the fact of the matter is this housing market looks like it is offering some support. but when you look at the broader , macro economic reality you have to question even whether this is an illusion. i think -- >> it is not inconsistent to look at the housing market. going down so low for so long with interest rates so low. people have to live somewhere. iran has moved up. housing may have bottomed out. it does not mean we will have a bull market in housing. having said that,

employment report comes out friday but will be high on the agenda all week. ben bernanke will also get a lot of attention when minutes from the latest policy meeting are released. >>> september auto sales are also on tap. experts predict sales are up nearly 11% over last year. >>> meanwhile, according to aaa, the price of regular gas is down about five cents in the past week to an average $3.81 a gallon. >>> overseas this morning, uncertainty about spain's bailout weighed down asian stocks. thousands filled spain's capital this weekend to protest sweeping budget cuts and austerity measures included in a 2013 draft budget. >>> elsewhere, on the heels of apple's flawed debut of the flawed map app, oracle customers will have access to nokia's data and location services. >>> hewlett packard is set to roll out a new device that will work with microsoft's new windows 8 operating system. the elite pad 900 comes at a time when, according to new research from the pew center, half of all adult americans now own either a tablet computer or a smart phone. >>> and finally, who says that crime doesn't pay

, but fed chairman ben bernanke was decidely defending yesterday. he said the fed needs to continue lowering borrowing rates while the economy continues to grow slowly, and that its bond-buying strategy will continue. he insisted that five years of low interest rate policies have not increased inflation. the fed plans to hold the interest rate near zero until at least mid- 2015. bernanke also indicated that there is not another recession on the horizon, but the economy still isn't strong enough to add jobs faster than the current rate. in greece, union workers are preparing for more 24-hour strikes and walk-outs this month. workers are protesting the government's austerity measures. government officials submitted a draft of the 2013 budget yesterday that calls for a new wave of deep cuts which will save $10 billion next year. workers will protest proposed cuts to salaries, pensions and other benefits. last week, 50,000 people in athens demonstrated against austerity. wages in china are going up - by some estimates, about 17% a year. it is providing china's growing middle class with more mon

.s. federal reserve chief says he'll keep pumping money into the economy. chairman ben bernanke says this round of quantitative easing will continue until he sees an improvement in the job situation. >> we would continue securities purchases and employ other policy tools until the outlook for the job market improves substantially in a context of price stability. >> bernanke said the country's economy is improving but not fast enough to reduce unemployment. fed officials decided last month on another round of quantitative easing. it involves purchases of additional mortgage-backed securities at a rate of $40 billion a month. >>> managers at mitsubishi motors's subsidiaries say things are getting back to normal. maruti suzuki's sales are on the rise nearly three months after a riot shut down production at its factory in northern india. the managers say the company sold nearly 94,000 cars in september, up almost 10% from the same month last year. it's also an improvement compared to august when the firm suffered a 40% decline in sales. operators of the company's man sur plant closed the

chairman ben bernanke. he'll discuss the fed's new stimulus program. stocks fell after the fed official said the plan will not create jobs. today medicare starts changing the way it does business. the agency will begin fining hospitals that has too many patients return within 40 days because of complication. it could affect 2,200 facilities and the average fine would be about $125,000. and an auction featuring the most famous outlaws in history raked in more than a million dollars. bonnie and clyde went down in a hail of gunfire, bonnie parker had a .38 taped to her thigh. yesterday the guns were auctioned off to the same bidder for a total of $524,000. wh >> ashley morrison here in new york. up next your monday morning weather and in sports a bizarre pre-game collision knocks down redskin starters and knocks them out of the game against the bucs. ♪ [ dog barking ] ♪ [ female announcer ] life is full of little tests, but your basic paper towel can handle them. especially if that towel is bounty basic. the towel that's durable and scrubbable. in this lab demo, bounty basic is stronge

round is sponsored by td ameritrade. s m? >>> today ben bernanke our valiant fed chief reaffirmed his pledge to keep the interest rates down. let me give you the basic cramer english translation. ben's once again saying buy dividend stocks, high yields. because if you want income from your investments dividends are going to be the only game in town for years to come. bernanke is promising that the returns from bonds will be puny. same thing with cds. he can make that promise. you need to swap in the dividend stocks. that's why we'll introduce you to prologis. it's a global real estate interest trust. they specialize in distribution space for customers that do business in multiple countries. that's why some of the biggest customers, dhl, amazon, pepsi -- pepsico and fedex. think of prologis as a logistics reit, one that sports a yield, exactly the kind of dividend stock you want in this low interest rate environment. it's rallied since the beginning of the year, but lately it's pulled back three points. it could be giving you a good entry point here. first though, before making any dec

about you by ben bernanke, will serve as a bridge over fiscal cliff and not take us down. the federal stance will take higher paying dividend companies into gems, seeking income, we'll band in bonds of cash poor countries and buy cash rick countries with yields that well exceed treasuries and still own a lot of gold. there's not a nation on earth that doesn't want its currency lower. that reserve currency is gold. also not to toot my own horn too hard, but throughout this period i recognized primacy of some bigger stocks, intel, wells fargo, verizon come to mind or the recognition you must own, not trade, own apple until it's too expensive versus it's growth rate and it's not near there yet. you have now heard pretty much everything. you've heard the last of when i've done over the last 12 months, at least for this evening. while i can already see the youtube about how cramer himself admits he's always getting things wrong, i thought for posterity i should lead with something more positive about "mad money," the youtube clips you post or go on jim cramer economics, hey, knuckle head,

to generate good data and why does this overused cliche matter so much? ben bernanke said he's going to continue to buy bonds to keep interest rates down, so that this purchasing manager's number won't be an aberration. when you examine the fundamental stocks, you are playing what's known as the micro. when you take into account the big data numbers like the purchasing manager's index, you're making a macro analysis. again though like the idea of fighting the fed this micro/macro dichotomy might mean nothing to you unless you took ec 101. let's put it in terms that everybody can understand. anyone who's been to a museum or taken an art class knows that for years artists tried to paint pictures as if they were perfectly -- let's say they tried to capture the exact look. like a kodak camera. okay? that's called realism as the painters are indeed realistic. but as art progressed in the late 19th and early 20th century, you tend to get more -- let's say impressionist, less realist and then expressionists as the artists struggled to get beyond the four walls of the canvas, they took impre

to disagree with ben bernanke. james bullard with us saying the central bank's latest stimulus program may have been a mistake. he'll explain next. >>> plus, spending twice your annual income sounds like financial suicide, right? what if i told you that's exactly what many of the lower earnings of america are doing now? stay with us. tdd#: 1-800-345-2550 when i'm trading, i'm totally focused. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platform from charles schwab... tdd#: 1-800-345-2550 gives me tools that help me find opportunities more easily. tdd#: 1-800-345-2550 i can even access it from the cloud and trade on any computer. tdd#: 1-800-345-2550 and with schwab mobile, tdd#: 1-800-345-2550 i can focus on trading anyplace, anytime... tdd#: 1-800-345-2550 until i choose to focus on something else. tdd#: 1-800-345-2550 trade at charles schwab for $8.95 a trade. tdd#: 1-800-345-2550 open an account and trade up to tdd#: 1-800-345-2550 6 months commission-free online equity trading tdd#: 1-800-345-2550 with a $50,000 deposit. tdd#: 1-800-345-2550 call 1-866-29

. today investors will hear from federal reserve chairman ben bernanke. he'll discuss the fed's new stimulus program. aimed at buying morning backed securities. stocks fell after the fed official said the plan will not create jobs. today medicare starts changing the way it does business. the agency will begin fining hospitals that has too many patients return within 40 days because of complications. it could affect 2,200 facilities and the average fine would be about $125,000. and an auction featuring the most famous outlaws in history raked in more than a million dollars. bonnie and clyde went down in a hail of gunfire, bonnie parker had a .38 taped to her thigh. clyde had a .45 in his waist. yesterday the guns were auctioned off to the same bidder for a total of $524,000. >> ashley morrison here in new york. up next your monday morning weather and in sports a bizarre pre-game collision knocks down redskin starters and knocks them out of the game against the bucs. pre-game collision knocks down redskin starters and knocks them out of the game against the bucs. ♪ [ dog barking ] â

.4%. for three straight quarters, the european economy has been rinking and federal reserve chairman ben bernanke said today amica is feeling the impact. >> it has been a problem for the oblemeconomy. we have seen head winds coming from slowing trade. >> reporter: if you combine rtports and exports, the european union is our biggest trading partner. >> so we have a very strong troerest in europe solving its problems. >> reporter: but the problem won't be solved quickly says ian brehmer who heads the eurasia group, a global research firm. oup,hat brings the europeans back to growth? no one started to address that issue. it's like saying what's going to bring the united states back to e healthy and manageable deficit. ck reporter: and the more imminent threat to the economy may be the so-called fiscal cliff. lledratings agency fitch has genc uncertainty about u.s. fiscal policy is the single- olggest near-term threat to the global recovery. >> winston churchill once said that the americans always do the right thing but only after extinguishing every other possibility. ther is precisely what the ame

. my point here, carl, is don't fight ben bernanke. if he came out and said, ladies and gentlemen, me and mr. drogy and i want people to buy stewed prunes, everybody should listen carefully. you may think it's wrong, but i sure would not go out and short stewed prunes on that idea. that's the problem that a lot of people are having. a lot of people are underperforming the market because their ideologies are getting in the way. >> thank you. let's get another capital markets op-ed. gary, talk a little politics. >> we'll get to that in a second. i steered clear of politics for quite some time. but let me talk about a cool breeze about what's happened. think back to mid-august. we did that informal survey. we asked people what would be the most important factor for the equity markets in 2012. 65% said it was going to be the election, if you remember. it has not been the case since mid-august. and as e we said all along, it's been about central banks. i do think that's going to change. i think politics will once again become something that has an impact on the equity markets. that it will

opposite of a mandate to take away the punch bowl once the party gets started. now ben bernanke is going to keep it flowing for as long as it takes. we could be for three days. plus, one more unthinkable, a slowing chinese economy. the great engine of growth that has supported global commerce for years. >> all aboard! >> including the darkest days of the great recession. and what's happened? the stock market never quit. never stopped climbing, it has a remarkable run with almost every sector leading the charge at one time or another, the great rotation. and before i go into the by remistations for the evening. i told you not to waver, to stay the course, the slowdown against china, and the growth that is the united states. the diverse portfolio of high-quality stocks, income producers, and growth stocks with solid dividend boosts. and of course, some gold. these have all been the correct calls to make. i've stuck with it because i believe the europeans are not suicidal. so far, so good on that front. i believe the chinese economy will simply come back by the virtue of the fact there is s

ben bernanke is pushing for higher inflation. is his real inflation target not 2%, but like 4%, 5%? if he could wave a magic wand, would he do that? >> they could have a secret vote. it would be in excess of three, for sure at least in the near term. the fed told us they would do whatever it takes to get what they want. they haven't exactly told us what they do or what they want. >> all right. what they want is a lower unemployment rate, isn't that fair? >> right. but they have lower unemployment in the price stability. what's going to happen is you're going to get fomc participants litigating the issue in public. like charlie plaszer yesterday talking about how policy won't be effective and charlie evans today talking about -- >> but they always do that. bernanke, that board is all obama appointees. and it's the liberal left keynesian board. it's an inflationist board. you as great economist and forecaster, right now the inflation numbers, they don't look scary at all. cpi, so forth, commodity prices, none of that stuff is booming. what do you think is the earliest time? a year f

of the gains after federal reserve chairman ben bernanke defended the central bank's latest bond buying stimulus program. is that a red flag that this fed-fueled rally is in trouble? top strategists are weigh in tonight. take a look at how we're finishing the day on wall street. as you can see, things settled out, dow jones industrial average held on to a double-digit move, although well off of that 161-point rally. the nasdaq went negative, although it, too, came back off of the worst levels finishing flat on the session. that had everything to do with apple. apple stock today down bringing the rest of the market down with it. it is in so many portfolios. s&p 500 up. it's the last day of the quarter of the year. we closed off the highs of the day. not a bad way to kick off the fourth quarter. is today's performance a good indicator of what's ahead? should investors be bracing for a rocky road going into year end? i bring in right now wells fargo adviser, chase investment council, peter, cnbc.com's jeff cox, our own rick santelli. good to see you all. thank you so much for joining us. w

of white noise, maybe people listen to ben bernanke yesterday. it just didn't add up. i can't tell you what was going on. >> what didn't add up, rick? how about the milton friedman stock? i know you've been all over that all day, so i brought a quote for you, rick. >> uh-oh. >> i brought a quote. milton friedman in his own words. now, rick, i know what you said, that anna schwartz -- >> i figured you were on for a reason today. >> what's that? >> i figured you were here for a reason. >> go ahead. >> i'm here to talk about jobs, but if we could have an aside, discussion, me and rick on the side. here's what milton friedman said in his own words in 2000. now the bank of japan's argument is, oh, well, we've got the interest rate down to zero, what more can we do? it's very simple. they can buy securities and they can keep buying them and providing high-powered money in until the high powered money gets the economy in an expansion. >> must have been a fun dinner conversation around the friedman table. >> exactly. >> i'm only talking about credit crisis issues. only give me quotes after the summ

that effectively globally central banks have gone all in with quantitative easing. imagine you're ben bernanke or mervyn king and you've just announced unlimited qe and risk assets start selling off. i would suspect they'll increase the amount of qe they're doing. so to some extent risk premium should come down. >>. >> it's hard to prove a negative. based on our reporting, we are not able to confirm, not getting any indications that temasek is looking to sell its stake or that there would be any buyers even if they were. so we wouldn't have run that story. >> more bradley then what is the sense to his point about uk banks potentially having more up side, maybe the cost of capital comes down then, are investors missing a beat, are they too pessimistic? the risk factors here just stack up and stack up and stack up. >> my track record at predicting stock movement is just awful, but i would say one of the interesting things is just regulatory uncertainty. and we saw with standard chartered a month or two ago, barclays, hsbc, rbs seems like it's coming up soon. >> thanks for that. that's it for tod

of monetary policy. ben bernanke has said that we have an unemployment rate that is way too high. he has proposed a way that he thinks would address that. do you think he is doing a good job and that this latest thing is in support of this economic growth and demand? >> they have better economic performance than this for monetary is criticized. there's a strong thought in this country that people on campaigns or associated with the executive branch do not comment on specific monetary actions of the fed. this is so important to the economic health of this country. i would say that nothing it has been helpful at all for the professional republicans. i think this is bad for the short term. >> i think there is a difference between politicizing in having an honest policy debate. i think the federal reserve's actions, and i have known that bernanke for a long time, i understand where he is coming from. i think that the fed's policy actions have exposed as to very little upside. i think it is absolutely almost patriotic to have a policy debate about whether it is a good idea to do what he is do

the times you've been there in the past. we have talked about ben bernanke an awful lot since qe-3, and larry, you think there's a bigger message there. >> i do. and we were somewhat critical of the decision. but i don't think anyone should be critical of ben bernanke's performance. i can't think of anybody who has physically done more for the country. i mean, those were 18, 20, 21-hour days. the guy has made a tremendous sacrifice on his family, on himself personally, and i do think it's important that for the country to grow up about this, it's fine to disagree about the policy, but he takes personal attacks from both the right and left, and i think they're totally unjustified. and i think we should actually, you know, pay him a tribute. i think he's making a great sacrifice and we need to salute him and people like him. >> you know, i think i'd agree with that. >> i totally agree with that. i give president bush credit for appointing chairman bernanke, and i give president obama tremendous credit for reappointing him. again, just like larry said, people can agree or disagree, yo

was an advocate for open-ended qe long before fed chairman ben bernanke announced qe infinity. >> now chicago fed president charles evans is ready to take on critics of the plan. >>> we're kicking off the fourth quarter with the biggest bull of all the squawkmarket masters. the odds of hitting dow's 17,000 by the end of next year are looking better and better says jeremy siegel. the third hour of "squawk box" starts right now. ♪ >>> good morning again. welcome back to "squawk box" here on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin and our guest host has been craig barrett, the former chairman and ceo of intel, obviously we have a lot more to discuss with him but we also have many other big guests who are joining us through the hour, don't forget that this is the beginning of the fourth quarter, you can start it off with our portfolio strategy session, speaking with jeremy siegel about the market events likely to drive the fourth quarter including the november election. coming up at 8:30 a.m. eastern, cnbc's exclusive interview with chicago fed president charlie evans, lo

. federal reserve chairman ben bernanke speaks today. the critical september jobs report is friday. and there's plenty of news in between like auto sales, jobless claims and a presidential debate. u.s. stock futures signal a higher start to a brand-new quarter that begins today. individual investors may have missed this strong quarter for stocks. retail investors have been pulling money out of stocks for months. but stocks have been rising. the dow, the s&p 500, the nasdaq, all posted strong gains over the past three months. the nasdaq is up nearly 18% for the year now. more signs of weakness in the global economy. new data overnight from china show its factory sector slowed last month, and a report from hsbc says new export orders declined last month with the sharpest rate in 3 1/2 years. soledad, china has fashioned itself into the factory for the world. when china's manufacturing slows, everyone worries. >> all right, christine, thank you for the upset. >>> it's what everybody's talking about this morning, arnold schwarzenegger says that his life were a movie, nobody would belie

there and ben bernanke held a news conference saying they're going to go through another round of quantitative easing, printing money. the message to donors was this -- the "barack obama is at it again, spending your tax dollars per "two things about that -- the fed is reducing the deficit and making huge profits returning record amounts of money to the treasury as a result of all their previous quantitative easing. so the opposite of spending your tax dollars is true. and of course the fed is legally independent and run by guy appointed by george w. bush. so this was so completely over the top that we decided we have to do a piece on that particular e-mail. pretty much these messages to true believers exceed what we have already defunct. >> we are out of time. thank you for your attention. we appreciate your questions. [applause] >> coming at 4:30, we will be live at the un for a speech from the president of libya. he will be speaking before the general assembly gathered this week. coverage starting at 4:30 eastern. we will have that live on c- span. before that, earlier today, israeli prime

from ben bernanke. >> two big downgrades on two big companies. microsoft says momentum will slow. >> and facebook's stock is up 30% from the july lows. >>> and julia boorstin with a sitdown with facebook's cheryl sandberg. >>> futures ant rise and the fourth quarter gets under way. major indices coming off a third quarter that was their best quarterly performance in two years. but there's a lot for wall street to digest this week waiting for today's monetary policy speech from bernanke. and the big jobs number is coming up on friday. it's been said that q3 was characterized by expectations from central banks, that we got what we wanted and that's not necessarily going to be the picture for this quarter. >> you're fighting worldwide feds. if you don't like the market, i understand expectations lowered along with estimates lowered. all you have to do is beat estimates even if they're lowered and you have the various feds behind you. still got a good market. >> evans this morning on "squawk" is few moments ago saying he'd like to see twist go all the way through 2013. there are thin

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